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Major chemical companiesí stock prices declined in Europe

August 05/2011

(ICIS) -- Major chemical companiesí stock prices declined in Europe on Friday as commodity values tumbled in early trading and sell-offs continued worldwide on fears over economic growth and stability in the US and Europe. Markets are losing confidence in the ability of politicians or the financial sector to rebalance the global economy, traders and brokers said.

German majors BASF and Bayer were among the biggest losers in early trading, shedding 3.5% and 2% to trade at EUR 54.63 (USD 76.94) and EUR 49 per share respectively on the German bourse, the DAX. The DAX was down by 2.6% overall in early trading, while European chemical companies lost 1.74% of their value on Friday on average.

In the US, Dow Chemical ended Thursday down 10.2% after shares traded at USD 30.31. The Dow Jones Industrial Average, which tracks the value of the biggest publicly listed firms in the US, dropped by 4.3% overall on Thursday.

The falling stock prices came as traders sold off shares after becoming increasingly nervous over the stability of the global economy. Despite a deal brokered in the US to raise the countryís government-mandated debt ceiling by USD 2.4 trillion on 2 August, many analysts remain concerned about the countryís economy and expect bad news when the Department of Labor releases non-farm payroll figures later on Friday.

Tags:BASF, Bayer, Dow.
Category:General News
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